What is the central idea in all of economics?

• Sustainability

• Equality

• Scarcity

• Abundance

What does scarcity mean in everyday life?

• Infinite availability of services

• Equal distribution of goods

• Not enough of something to go around

• Abundance of resources

Which of the following is considered the scarcer resource?

Think about the product and what it takes to get it to the right location as well.

• Oxygen on Earth

• Caviar

• Water in a primitive village

• Labor

Why is scarcity essential to economics?

• To study abundance

• To promote sustainability

• To understand equality

• To allocate scarce resources

What is the opposite of a scarce resource?

• Abundance

• Sustainability

• Equality

• Scarcity

What is the reason for the existence of the field of economics?

• Abundance of resources

• To make money

• Scarcity of resources

• Equal distribution of goods

Is labor considered a scarce resource?

• No, because it is infinite

• Yes, because it is humanly possible

• No, because it is tangible and easy to find laborers

• Yes, because it is tangible but hard to find laborers

Is caviar a scarce resource?

• Yes, because it is difficult to obtain

• No, because it is free

• No, because it is easily accessible

• Yes, because it is abundant

Is the view from a house next to an alpine lake a scarce resource?

• Yes, because it is easily accessible

• No, because everyone can have it

• Yes, because not everyone can have it

• No, because it is intangible

Is oxygen on Earth considered a free resource?

• Yes, because it is abundant

• No, because it is scarce

• Yes, because it is intangible

• No, because it is humanly possible